PASHA_BANK_ANNUAL REPORT 2022

71 PASHA Bank 2022 Annual Report General Information Information on Management and Corporate Governance Principles Financial Information and Risk Management Review Disclosure of Confidential Information was issued by BRSA and this regulation became effective with all its provisions on 1 July 2022. However, some exceptions and disclosure rules on this regulation brought some new concerns and this time BRSA issued another circular dated numbered 2022/1 per the resolution dated 11 August 2022, numbered 10295. This circular includes the scope of confidentiality obligation, conditions of exceptions, general principles for disclosure of confidential information and functions of the information disclosure committee. 6- Change in Corporate Tax Rate In accordance with Article 25 of the Omnibus Bill issued at the Official Gazette on 15 April 2022, numbered 31810, corporate tax applied to banks’ income will be 25% and this will be effective for the income of the tax period of 2023. Extraordinary General Assembly Meeting held during the year, if any An Extraordinary General Assembly meeting was not held in 2022. Information on Audits In accordance with the Banking Law no.5411, the Bank is subject to limited reviews at each quarter and a full scope audit at year ends by an Independent Audit Firm. Audit reports are approved by the Audit Committee and the Board of Directors. Moreover, based on Article 65 of the same Law, the Bank is under continuous oversight and audit of Banking Regulation and Supervision Agency and other regulatory agencies and authorities. During the accounting period, routine public audit activities were not performed by regulatory and supervisory institutions. Activities within the Scope of Prohibition of Competition Board of Directors Members were given the permission by the General Assembly to act within the scope of Article 395 of the Turkish Commercial Code numbered 6762 ‘‘Prohibition of doing business with the Company and loans from the Company’’ and Article 396 of the same Law, ‘‘Prohibition of competition’’. However, the members of the Board of Directors did not have any activities on their or other parties’ behalf or any act within the scope of prohibition of competition within the frame of this permission granted by the General Assembly.